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SET UP YOUR PENSION SCHEME (cont)
What details do I need to give about my organisation when setting up with NEST?
When you're setting up with NEST you will be asked you for some information about your organisation. This is covered in task 2 of the NEST set-up process.for more information.
Here's a step-by-step guide of the details required:
- the name of your organisation
- number of workers in your organisation
- your organisation's staging date
- your primary contact's details.
Adding Delegates
A delegate is someone who you’ve set up to have access your NEST online account. You can decide what level of access you give each delegate, for example, full access to manage the account on your behalf, or read-only access. For information on the different types of delegate roles and access levels see Delegate roles and levels of access.
There are two types of delegates you could theme:
- a delegate organisation – a third party you’ve authorised to help set up or manage NEST for you, for example your accountant or financial advisor
- an individual delegate – a person inside your organisation you’ve nominated to manage some or all of your NEST account for you
You’ll be able to add either individual delegates or delegate organisations.
For individuals you'll jthemt need to know their name, relationship to the organisation and their contact details. If you’re adding a delegate organisation, you'll need their delegate organisation NEST ID and full organisation name. You’ll need to ask the delegate organisation for their NEST ID and full organisation name to add them as a delegate organisation on your NEST online account.
Choosing a payment source
You’ll need to set up a payment source to tell NEST how you’ll be paying contributions for your members. A payment source lets them know which bank account you’re paying contributions from and helps them to identify your payments. You’ll also let them know where you’d want them to refund any payments when you’re setting up each payment source.
You have three options Direct Debit, direct credit or debit card you can choose from to set up the payment method however Direct Debit is the preferred payment method. You’ll have to manage each payment manually every time you want to send contributions to NEST if you select Direct Credit or Debit Card as your payment method. If you’ve selected Direct Debit you’ll just have to click on Make payment and they will collect the amount for you and allocate it to the schedule .
When you set-up a payment source or add a new payment source Direct Debit will be automatically set as the payment method. If you want to select a different payment source you can click ‘other payment method options’.
You’ll need to assign your workers to a payment source when you enrol them. This lets them know where each member’s contributions are being paid from.
Any refunds due for your workers will be returned to the refund account that you've set up in the payment source you assign to them. This helps you to keep your workers contributions and refunds separate if you need to.
You can set up multiple payment sources if you have workers for who contributions need to pay from different bank accounts.
You will be asked you how you’ll pay fees when you’re setting up your payment sources. NEST don’t charge fees at the moment but they may choose to charge in future.